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Eight Bitcoin ETFs’ daily inflows hit 12,073 BTC worth $590 million on February 13, with BlackRock’s iShares leading in those numbers.

Meanwhile, Grayscale outflows slowed to only 1,147 BTC, worth $56 million after weeks of high outflows.

Spot Bitcoin ETFs Inflows at $590M

On February 13, as reported by Lookonchain, the leading spot Bitcoin ETFs were BlackRock’s iShares Bitcoin Trust and Fidelity’s FBTC. The former added 7,497 BTC ($366.5M), while Fidelity’s FBTC increased the overall holdings by 3,039 BTC ($148.5M). Following closely behind, ARK 21 Shares accounted for 800 BTC, Bitwise Bitcoin ETF for 660 BTC, Vaneck Bitcoin Trust for 57 BTC, and Valkyrie Bitcoin Trust for 21 BTC.

The eight Bitcoin ETFs, excluding Grayscale, currently hold 227,986 BTC since their approval on January 10. However, when including Grayscale, the total amount reaches 693,374 BTC, equivalent to over $34 billion.

BlackRock’s iShares managed to enter the top 5 U.S. ETPs by capital inflow last week after exceeding $3.19 billion in inflows since launch, which put it on a similar level as leading giants such as Vanguard S&P 500 ETF (VOO) and iShares Core S&P 500 ETF (IVV).

Spot Bitcoin ETFs have been on the rise and managed to amass $10 billion in assets under management in just the first 20 days of trading.

In a recent tweet, Bloomberg ETF analyst Eric Balchunas highlighted the rapid capital inflow into Bitcoin ETFs, noting that it took the GLD ETF nearly two years to accumulate the same level of capital that their BTC-related counterparties have attracted in just 32 days.

Grayscale Outflows Continue, But Slowing Down

The recent surge in Bitcoin ETF interest has been partially attributed to the slowdown in the Grayscale Bitcoin Trust outflows, which remains the largest BTC fund globally.

Last month, many investors began selling their GBTC shares, aiming to close a long-standing arbitrage opportunity following Grayscale’s transition into an ETF. Additionally, some investors opted to sell their GBTC shares to move their investments into newer, more cost-effective ETF options offered by firms like BlackRock and Fidelity.

Notably, the rate of outflows from GBTC has decelerated, with the fund recording its smallest daily withdrawal over the last seven days on February 13 of 1,147 BTC after having no outflow on February 12.

Meanwhile, the fast spot Bitcoin ETF accumulation has impacted the BTC price. Following an initial decline due to a “sell the news” event after trading began on January 11, Bitcoin’s price has recently surged, reaching a new peak of over $51,000 on Monday, marking the highest point it has achieved in over two years.

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